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UBS plans contingent income autocallables linked to Bank of America
By Susanna Moon
Chicago, Oct. 24 – UBS AG, London Branch plans to price contingent income autocallable securities due Nov. 1, 2017 linked to Bank of America Corp. shares, according to an FWP filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of at least 8.25% if the stock closes at or above the 80% barrier level on the determination date for that quarter.
The notes will be called at par plus the contingent coupon if the stock closes at or above the initial level on any of the first 11 determination dates.
If the notes are not called and the stock finishes at or above the barrier level, the payout at maturity will be par plus the final coupon.
Otherwise, the payout will be a number of Bank of America shares equal to $10 divided by the initial price or, at the issuer’s option, the cash equivalent.
UBS Securities LLC is the agent.
The notes will price on Oct. 27 and settle on Oct. 30.
The Cusip number is 90274B626.
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